Average Salary In Nigeria [In USD and Naira]
The recently revised minimum wage has had a favorable effect on the average salary in Nigeria, resulting in the 1% increase discussed in this article. Monthly payment information is accurate and dependable on this page.
Nigeria’s government just approved a monthly minimum salary of N30,000. That is the bare minimum wage in the country for someone who works 8 hours a day, five days a week. Regardless of the work he or she performs. That means he will earn N360,000 each year.
Average Salary In Nigeria: Monthly & Annual Salary in Nigeria in Naira, USD
Taking into account the variety of employment available and the 1% increase in general payments, the average salary in Nigeria is approximately N465,843 or 1136 USD, while the average yearly wage is 5,509,116 Naira or 13,634 USD.
This includes the perks that the ordinary worker in Nigeria enjoys, such as housing and transportation. As you continue reading, you will realize that, while there is no set salary that every worker must receive in the country, the figure above represents the average salaries paid within the country.
How did this figure come to be? You may be curious. How are average salaries in Nigeria calculated? That is precisely what I stated here.
The average salary in Nigeria is 5,590,116 Naira, which equates to 13,634.43 USD at the current currency rate. If the payment is made monthly, the total will be 1136.20 US Dollars and 465,843 Naira.
In a country like Nigeria, monthly salaries range from N63,054 to N2,062,823. Bear in mind that these statistics include housing, transportation, and a variety of additional amenities. If benefits are subtracted, the statistics may be significantly lower. Now, let us continue with the calculations.
The median pay in the country is N465,843, based on the minimum and maximum monthly wages received by workers in the country. It is the median wage earned by workers.
The meaning of that median monthly pay is that half of the Nigerians working earn more than that, while the other half earn less. That is, half earn more than the median or average pay, while the other half earn less.
Apart from that, if we continue with the same middle salary value, we arrive at two further numbers. These two percentages are 75% and 25%, respectively.
While 75% of the Nigerian working population earns more than N238,003, 25% of the same working population earns less each month. Additionally, 25% of the working population earns more than N1,264,333, while almost 75% earn less.
What Is The Average Wage Per Hour In Nigeria?
Using Annual Salary/(52 X 5 X 8) = Hourly Wage, we calculated that the average hourly wage obtained by Nigeria’s working population is N2687.56 Naira. That indicates that if you work in Nigeria, you will earn an average of N2687.56 per hour. You can earn far more than that, depending on your career and geographic area.
The following is a breakdown of how I arrived at the aforementioned figures.
Hourly Wage = Annual Salary/(52 X 5 X 8)
We must multiply the number of weeks in a year (52) by the number of working days in a week (5), as well as the number of working hours per day, in the following formula (8).
This is how we’ll divide the annual or yearly pay we got from the multiplication we did. That is the sum of a year’s monthly wages divided by the result of (52 X 5X 8). Whichever answer or the amount we come up with will then be the average hourly wage in Nigeria. Let’s have a look at it below.
To begin, we will multiply the annual average salary. That would be to determine the annual average wage. That is N465,843 multiplied by 12 is N5,590,116.
Thus, Nigeria’s average annual wage is N5,590,116. Continue reading!
Returning to the average hourly wage calculation, we now obtain the following.
N5,590,116 /(52 X 5 X 8) = Hourly wage average
N2687.56 =Hourly wage on average.
Nigeria’s Top Jobs And Their Average Salary
The following is a list of all the top positions in Nigeria, together with their average monthly salary:
Dentists are among the highest-paid professionals in Nigeria. Their monthly average salary is approximately N1,125,411.
CEOs in Nigeria are also among the highest paid in the country. In Nigeria, the average salary in Nigeria for a CEO of a good firm is roughly N994,575.
Chief Financial Officer: Chief financial officers are also well compensated in the country. On average, a Chief Financial Officer earns approximately N936,081 per month in pay.
General Managers in Nigeria are also well compensated in terms of pay and benefits like housing and transportation. A General Manager’s average monthly salary in the country is N770,397.
Sales Manager: Acquiring a sales manager position is a surefire approach to earning quite a bit of money in the country each month. The average monthly compensation of a sales manager in Nigeria is approximately N740,441.
Hotel Manager: When all allowances and benefits associated with this employment are added together, the average monthly salary of a hotel manager in Nigeria is N697,589.
Attorneys earn a lot of money in Nigeria, both in terms of transportation allowance, housing allowance, and monthly compensation. Adding it all together, the average monthly compensation for attorneys in Nigeria is N656,320.
Human resources managers are among the highest earners in Nigerian society. This employment pays an average salary of N630,330. Additionally, his allowances were mentioned.
Pharmacists: Pharmacists are critical in today’s Nigeria. The average income of a pharmacist in one of Nigeria’s medicine manufacturing companies is N534,124, as calculated here.
This includes his monthly stipend.
Pilots have always been among the highest-paid employees in Nigeria. They earn a slew of benefits in addition to their salaries on a monthly basis. Taking all of these advantages into account, the average monthly income of a pilot in Nigeria is N534,658.
Project Managers: These individuals receive a slew of allowances in addition to their wages each month. The average monthly salary of a project manager in Nigeria, without inflation, is N490,125.
One of the most enviable positions in Nigeria is that of creative director. These individuals earn a considerable deal of money each month. N456,768 on average.
Internal auditors are critical in many large firms in Nigeria. Taking into account their allowances and regular monthly payments, their average monthly take-home pay is N455,859.
Journalists receive a plethora of allowances each month. This includes travel or transit expenses, as well as housing. On average, they take home N439,851.
Electrical Engineer: Working as an electrical engineer in Nigeria is one of the most lucrative jobs available. Electrical engineers make an average of N430,983 per month. Read Also: The Highest Paid Engineer in Nigeria and Salaries
Final Remarks
The average salary in Nigeria is approximately N465,843/month. The average hourly wage is approximately N2687.56, and the average yearly salary is approximately N5,590,116.
Using the data above, you may determine whether or not you are receiving adequate compensation at your place of employment.
